Hello Traders,
Here is the Top-Down Analysis of AUDCHF (Monthly, Weekly, Daily for direction and 4H for entry) for
Week 44 - 26 Oct
M > Price reached monthly resistance level, previously monthly support that had pushed price down to bearish impulse, faced rejection and started downward move.
W > Price tested monthly resistance thrice and after facing rejection dropped to test weekly support. After completing M formation price moved bearish to test neck of W formation as per our target.
D > As per our last analysis price dropped to complete both of our targets, last one being neck of W formation. After facing rejection at neck of W price is currently moving up for a correction. We can see an over extended M formation and can set its neck as our next short term target.
As per COT AUD saw closure of more Short than Long positions, improving net positions. AXY weakened during the said week but gained some lost position last week. CHF saw addition of more Long than Short positions, improving net positions whereas Commercials also added few Long and more Short positions increasing net open positions. However SXY was weak during the said week but it gained strength last week.
4H > After rejection price is moving upwards creating HH and HL and is now testing LL it created during its bearish move. We expect price to continue with its upward move to test neck of M and complete the formation.
We can see divergence on 4H timeframe hence bullish move could be short-term and price will eventually continue with downward move.
Pair Correlation > AUDCHF has positive correlation with AUDCAD, AUDUSD and AUDJPY and negative correlation with EURAUD.
This was my Idea and I hope you find it useful. If you find the analysis of help please leave a LIKE and FOLLOW for receiving all updates during the week. In the comment section share your view or ask questions.
Thank You
AP17FX
Here is the Top-Down Analysis of AUDCHF (Monthly, Weekly, Daily for direction and 4H for entry) for
Week 44 - 26 Oct
M > Price reached monthly resistance level, previously monthly support that had pushed price down to bearish impulse, faced rejection and started downward move.
W > Price tested monthly resistance thrice and after facing rejection dropped to test weekly support. After completing M formation price moved bearish to test neck of W formation as per our target.
D > As per our last analysis price dropped to complete both of our targets, last one being neck of W formation. After facing rejection at neck of W price is currently moving up for a correction. We can see an over extended M formation and can set its neck as our next short term target.
As per COT AUD saw closure of more Short than Long positions, improving net positions. AXY weakened during the said week but gained some lost position last week. CHF saw addition of more Long than Short positions, improving net positions whereas Commercials also added few Long and more Short positions increasing net open positions. However SXY was weak during the said week but it gained strength last week.
4H > After rejection price is moving upwards creating HH and HL and is now testing LL it created during its bearish move. We expect price to continue with its upward move to test neck of M and complete the formation.
We can see divergence on 4H timeframe hence bullish move could be short-term and price will eventually continue with downward move.
Pair Correlation > AUDCHF has positive correlation with AUDCAD, AUDUSD and AUDJPY and negative correlation with EURAUD.
This was my Idea and I hope you find it useful. If you find the analysis of help please leave a LIKE and FOLLOW for receiving all updates during the week. In the comment section share your view or ask questions.
Thank You
AP17FX
Trade closed: target reached:
Target achieved.
